Eugen von Böhm-Bawerk - Value and price: an extract
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Value and price: an extract: summary, description and annotation
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Value and Price is an extract from the Positive Theory. It builds a framework for market economics, for it is through value and price that the people give purpose and aim to the production process. Regardless of their motivation, whether material or ideal, noble or base, the people judge goods and services according to suitability for the desired objectives. People ascribe value to consumer goods and thus determine prices; according to Von Bohm-Bawerk irrefutable imputation theory, they also indirectly determine the prices of all factors of production, and the income of every member of the market economy. An important basic text for every student of economics.
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Libertarian Press South Holland, Illinois 60473, U.S.A.
Page iv
Copyright 1973 by Libertarian Press
Revised Second Edition
First Edition 1960
All rights reserved. No part of this book may be reproduced in any form or by any means without written permission from the Publisher.
Library of Congress Catalog Card Number: 73-81132
International Standard Book Number: 0-910884-01-3
Printed in the United States of America
Page v
PUBLISHER'S PREFACE
Bhm-Bawerk's major work carried the title, CAPITAL AND INTEREST, in three volumes:
I HISTORY AND CRITIQUE OF INTEREST THEORIES
512 pages
II POSITIVE THEORY OF CAPITAL
480
III FURTHER ESSAYS ON CAPITAL AND INTEREST
256
Total
1,248 pages
Volume I analyzes all previous unearned-income theories and shows them to be untenable; Volume II outlines his new theory of the essential nature of unearned income; Volume III constitutes a rebuttal of critiques by other economists of the new theory which appeared in Volume II. Value and Price is a 164-page Extract from the middle of Volume II.
This Publisher's Preface will help a reader understand new and fundamental ideas presented in the middle of 1,248 pages of closely printed material.
Bhm-Bawerk and Carl Menger made the biggest contribution to the "revolution" that occurred in economics in the last half of the nineteenth century; their contribution, arid that of others in the same movement, was in economics what Sir Isaac Newton's Principia was in physics. The following comments may be helpful:
1. What follows first is Bhm-Bawerk's classic text on (a) what is the essence of value, and (b) how prices are determined in free markets. The text was translated by George D. Huncke, with Dr. Hans Sennholz the Con-suiting Economist; however, all sideheadings are insertions by this publisher and are not by Bhm-Bawerk.
Page vi
2. Next there is a photograph of Bhm-Bawerk and a brief Biographical Sketch by Dr. Sennholz, reprinted by permission from the 1959 edition of CAPITAL AND INTEREST; then there is a Preface written specially to introduce this Extract by the same Economist.
3. Pages xix through xxv present a Table of Contents for this book.
4. The next 102 pages pertain to Value; then another 62 pages pertain to Price. There is an index of new terms used by Bhm-Bawerk on page 165, "Location of Definitions of New Terms by Bhm-Bawerk"; for meanings of those terms, see pages on which they are first used; the terms of the Austrian economists, pertaining as they did to new (corrected) concepts, required an improved nomenclature.
5. A complete Table of Contents of Bhm-Bawerk's opus, CAPITAL AND INTEREST, is presented on pages 167 through 184 so that readers can see what portion Value and Price is of the whole Of Bhm-Bawerk's thought. See marked pages 178 and 179.
6. Next, there are two Supplements which are applications or extensions of Bhm-Bawerk's thought, but for which Bhm-Bawerk can have no responsibility whatever:
Supplement I Experiments with Matching Buy and Sell Orders in Different Ways With Preliminary Reflections on the Problem of "Just Prices"
Readers who may wish to "check" Bhm-Bawerk's ideas on price should find Supplement I helpful to analyze variations from Bhm-Bawerk's presentation; all of these variations turn out to be unfruitful. Supplement I in effect demonstrates how right Bhm-Bawerk is. (To avoid cumbersome paging back and forth, some of this material is a re-quotation (in small print) from the original.)
Page vii
Supplement II ABC Optimum Price Computator For Attainment of Pefect Competition In Auction Markets of Stocks, Bonds, Foreign Exchange, Fungible Goods, Etc.
An attainment for which economists yearn is "perfect competition." Supplement II describes a manner to accomplish what was formerly unaccomplishable. In a sense, Supplement II is based on conclusions reached from Supplement I. As a byproduct, readers will be able to understand how antiquated unchanged from horse-and-buggy daysactivities of famous markets still are (in this instance, the New York Stock Exchange). Appropriate devices can yet save millions of costly man-hours in new ways, thereby further raising the general standard of living.
6. Finally, beginning on the back cover there is a book review by the most famous of Bhm-Bawerk's students, Ludwig von Mises, with the title, "Bhm-Bawerk and the Discriminating Reader." In it the practical point is made that the "great issues" of the late twentieth century are basically economic in character, and that whoever wishes to participate in understanding the hottest issues of the age should certainly read this material by Bhm-Bawerk. Dr. von Mises wrote:
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